CHIEF GENERAL MANAGER
MUTUAL FUNDS DEPARTMENT

MFD/CIR/16 / 20844 /2002
October 24, 2002

All Mutual Funds Registered with SEBI Unit Trust of India
Association of Mutual Funds in India

Dear Sirs,

1.We are enclosing a copy of the gazette notification dated September 9, 2002 pertaining to SEBI (Mutual Funds) (Fourth Amendment) Regulations, 2002 for your information and implementation.

2.Please note that SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations 2002 have been notified on September 27, 2002 and are available on SEBI website under the heading “Legal Framework – Regulations”. As a result, certain provisions of SEBI (Mutual Funds) Regulations, 1996 pertaining to holding enquiries stand amended.
Yours faithfully,

P.K. Nagpal

Encl: as above


THE GAZETTE OF INDIA

EXTRAORDINARY

PART –II – SECTION 3 – SUB SECTION (ii)

PUBLISHED BY AUTHORITY

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 9th day of September, 2002

SECURITIES AND EXCHANGE BOARD OF INDIA

(MUTUAL FUNDS) FOURTH AMENDMENT REGULATIONS, 2002

S.O. No. 956 (E). In exercise of the powers conferred by sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes the following regulations, namely:-

1. (i) These regulations may be called the Securities and Exchange Board of India (Mutual Funds) Fourth Amendment Regulations, 2002.(ii) They shall come into force on the date of their publication in the official gazette.2. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996,

in Second Schedule, in clause I, for para C following para shall be substituted, namely :-
“C. SERVICE FEES PAYABLE BY MUTUAL FUNDS

Net Assets as on 31st March  Service Fee payable 
Upto Rs 500 crores. Rs. 2.50 lakhs
Above Rs. 500 crores and up to Rs. 1,000 crores. Rs. 3.50 lakhs
Above Rs. 1,000 crores and up to Rs. 3,000 crores. Rs. 4.50 lakhs
Above Rs. 3,000 crores and up to Rs. 5,000 crores. Rs. 5.50 lakhs
Above Rs. 5,000 crores and up to Rs. 10,000 crores Rs. 6.50 lakhs
Above Rs. 10,000 crores Rs. 7.50 lakhs

The above revised service fee structure shall be effective from the Financial Year 2003-2004.”

In Eighth Schedule, the clauses ‘6’ and ‘7’ as inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 1999 published in the Gazette of India on 08th December, 1999, shall be renumbered as ‘7’ and ‘8’, respectively.

In the Securities and Exchange Board Of India (Mutual Funds) (Amendment)

Regulations, 2002 published in Gazette of India on 20th February , 2002 vide S.O. No. 219 (E), the following footnote shall be appended :- “Footnote:

The principal regulations, SEBI (Mutual Funds) Regulations, 1996 were issued under S.O No. 856(E) dated December 9, 1996 published in the Gazette of India, Part II, Section 3(ii) dated December 09, 1996.

SEBI (Mutual Funds) Regulations, 1996 were subsequently amended on –

(a) April 15, 1997 by SEBI (Mutual Funds) (Amendment) Regulations, 1997 vide S.O No. 327 (E).

(b) January 12, 1998 by SEBI (Mutual Funds) (Amendment) Regulations, 1998 vide S.O No. 32 (E).

(c) December 08, 1999 by SEBI (Mutual Funds) (Amendment) Regulations, 1999 vide S.O no. 1223 (E).

(d) March 14, 2000 by SEBI (Mutual Funds) (Amendment) Regulations, 2000 vide S.O no. 235 (E).

(e) May 22, 2000 by SEBI (Mutual Funds) (Second Amendment) Regulations, 2000 vide S.O no. 484 (E).

(f) January 23, 2001 by SEBI (Mutual Funds) (Amendment) Regulations, 2001 vide S.O no. 69 (E).

(g) May 29, 2001 by SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O no. 476 (E).

(h) July 23, 2001 by SEBI (Mutual Funds) (Second Amendment) Regulations, 2001 vide S.O. no. 698 (E).”

[F. No. SEBI/LGL/ 16974 /2002]
G.N. BAJPAI
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA

Footnote:

The principal regulations, SEBI (Mutual Funds) Regulations, 1996 were issued under S.O No. 856(E) dated December 9, 1996 published in the Gazette of India, Part II, Section 3(ii) dated December 09, 1996.

SEBI (Mutual Funds) Regulations, 1996 were subsequently amended on–

(a) April 15, 1997 by SEBI (Mutual Funds) (Amendment) Regulations, 1997 vide S.O No. 327 (E).

(b) January 12, 1998 by SEBI (Mutual Funds) (Amendment) Regulations, 1998 vide S.O No. 32 (E).

(c) December 08, 1999 by SEBI (Mutual Funds) (Amendment) Regulations, 1999 vide S.O no. 1223 (E).

(d) March 14, 2000 by SEBI (Mutual Funds) (Amendment) Regulations, 2000 vide S.O no. 235 (E).

(e) May 22, 2000 by SEBI (Mutual Funds) (Second Amendment) Regulations, 2000 vide S.O no. 484 (E).

(f) January 23, 2001 by SEBI (Mutual Funds) (Amendment) Regulations, 2001 vide S.O no. 69 (E).

(g) May 29, 2001 by SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O no. 476 (E).

(h) July 23, 2001 by SEBI (Mutual Funds) (Second Amendment) Regulations, 2001 vide S.O. no. 698 (E).

(i) February 20, 2002 by SEBI (Mutual Funds) (Amendment) Regulations, 2002 vide S.O no. 219 (E).

(j) June11, 2002 by SEBI (Mutual Funds) (Second Amendment) Regulations, 2002 vide S.O no. 625 (E).

(k) July 30, 2002 by SEBI (Mutual Funds) (Third Amendment) Regulations, 2002 vide S.O no.809 (E).

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